CLARENDON — A home on Cold River Road damaged by Tropical Storm Irene was approved for a buyout under a federal disaster program.

Funds from the Federal Emergency Management Administration and the state will be used to purchase the Prescott property.

FEMA notified town officials that Hazard Mitigation Grant Program funds will be used to buy the property at 75 percent of the fair market value the day before the tropical storm.

In addition, the property will automatically be considered for a 25 percent match through the Community Development Block Grant program.

Select Board Chairman Michael Klopchin said the landowners were informed of FEMA’s decision. “They are very pleased,” he said.

Klopchin told fellow board members this week that the town would have to submit documentation for the grant before receiving any funds.

Administrative assistant Linda Trombley said she had reviewed all the forms with Town Treasurer Rebecca Mandolare. “There’s going to be a lot of paperwork involved,” she said.

According to FEMA officials, the town and the homeowner, will be guided through the implementation phase once a grant agreement has been completed.

“Due to the complexity of this process and multiple federal funding sources, be advised that it will take a minimum of 60 to 120 days before a property transfer or closing can take place,” said Ray Doherty, state hazard mitigation officer.

Weekly conference calls by the state’s Emergency Management and Homeland Security division will help the town through the buyout process, Doherty said.

The project will require the property to be appraised, with the value submitted to the state. Funds are then awarded to the community and used to buy the home, demolish the structure, clean up the site and turn the land into green space.